리츠 制度의 活性化 方案에 관한 硏究

다국어 초록 (Multilingual Abstract)

The situation of the domestic real estate market has a lot of change comparing with the beginning of the discussion on the introduction to the REITs system. The crisis for foreign exchange make the open market interest rate raised up to more than 20%, but now the real interest rate is decreased at minus level so that the person who makes a living with the interest income is in a difficult situation. While the introduction to the REITs system is discussed, the companies and investors ready for the REITs system expected the high earning rate because ot the longing and the excessive expectation for the myth of real estate prices before nineties. As they grasp the information about the REITs system and the situation of money market in these days, they tend to change their aims at steady earning of reasonable level. And the company investors who had interest with the general REITs for the benefit free of tax turns their interest at the restructural REITs. Any partial efforts can not make a successful settlement of REITs system. The companies who prepared the REITs should make use of with a quiet attitude and the responsibility, and the personal investors should understand the character ot REITs exactly and invest their money. And also the government needs to supply various institutional and politic aids to settle the REITs system as well.
First, the reason that government limited investment in kind as an activating plan is because the total assets can be evaluated high excessively. But government needs to consider introduce the U. S. Up REITs or DownREITs gradually to activate the REITs system and make the maximum of investment earnings. And if the real estate investment company's capital fund is larger, government needs to make an activating plan for approving the extended development business. And government needs to permit a little of loans use when they understand the effect of Leverage which is an attribute of real estate investment. To make an earning rate, investors should invest their capital in the expected and safe properties such as the urban office buildings than in the high risk and high interest properties.
Second, as a plan for training specialized experts government should endow the investment analysis institution with the public confidence and CCIM is needed to develop the REITs system. If the institution for real estate investment analyst is hard to introduce right now, government can use to give the license to real estate broker or real estate identifier who is trained from govern educational institution during a regular term. And also it is to need talented experts those have an international sense, the advanced method for evaluation, and the method for investment analysis.
Third, government should introduce the institution on taxation and prevent general investment companies from groaning under the heavy burden of taxation to make a valance with indirect investment properties. And the tax rate of an acquisition tax, a registration tax and the corporation tax are need to reduce at the level of CR-REITs.
Finally, the most important thing for activation of the REITs system is construction and opening ot information infra such as real estate investment index as soon as possible. Because the lack ot public confidence about REITs properties make investors' interest be reduced their concerns about the REITs, we couldn't expect the activation of the REITs system.
The REITs system is not temporary expedient for restructualizing. It gives the personal investors the investment opportunity tor a large real estate and it gives general domestic economy the activation from making the numerous underground capital move in the stock market. So this system is a revolution lasting for long term. Thus it is time we should make every efforts for long and steady development of the Korean REITs system same as we made a discussion on the introduction to the REITs system in Korea firstly.

목차 (Table of Contents)

• 목차
• 제I장 서론 = 1
• 제1절 연구의 목적 = 1
• 제2절 연구의 범위 및 방법 = 3
• 제II장 리츠제도의 이론적 고찰 = 6
• 제1절 리츠제도의 개념 및 기능과 효과 = 6
• 1. 리츠 제도의 개념 = 6
• 2. 리츠 제도의 기능 = 7
• 3. 리츠 제도의 효과 = 10
• 제2절 리츠 제도의 분류 = 13
• 1. 계약형(신탁형) 리츠 제도 = 13
• 2. 회사형 리츠 제도 = 18
• 3. 계약형 리츠와 회사형 리츠의 비교분석 = 22
• 제3절 주요 선진국의 부동산투자신탁제도 = 25
• 1. 미국의 리츠 제도 = 25
• 2. 일본의 리츠 제도 = 30
• 3. 호주의 LPT 제도 = 35
• 4. 외국 제도의 시사점 = 39
• 제III장 우리 나라 리츠의 제도적 운영실태 및 문제점 = 42
• 제1절 부동산투자회사법의 제도적 실태 = 42
• 1. 부동산투자회사법의 주요내용 = 42
• 2. 리츠의 구조 = 44
• 3. 미국 리츠와의 차이점 = 50
• 4. 부동산투자회사와 기업구조조정 부동산투자회사의 비교 = 52
• 제2절 우리 나라의 현재 부동산투자회사 설립현황 = 63
• 1. 부동산투자회사 = 63
• 2. 기업구조조정 부동산투자회사(CR-RELTs) = 63
• 3. 부동산투자자문회사 = 64
• 4. 자산관리회사 = 67
• 제3절 리츠 제도의 문제점 = 71
• 1. 운영상의 문제점 = 71
• 2. 전문인력의 부족 = 72
• 3. 세제혜택상의 문제점 = 74
• 4, 정보인프라의 부족 및 자산 평가 주체의 공신력 부족 = 75
• 제IV장 리츠 제도의 활성화 방안 = 77
• 제1절 운영상 활성화 방안 = 77
• 1. 현물출자의 허용 = 77
• 2. 개발사업의 확대와 차입운용의 부분적 허용 = 77
• 3. 투자자산의 물색 및 수익률 제고 = 80
• 제2절 전문인력의 양성 방안 = 82
• 1. 투자분석사 제도의 도입 = 82
• 2. 부동산관련 자격증 제도의 개선 = 83
• 3. 전문인력의 체계적 양성 = 84
• 제3절 세제상의 혜택부여 = 86
• 1. 법인세 = 87
• 2. 특별부가세 = 90
• 3. 소득세 = 90
• 4. 지방세 = 91
• 제4절 정보인프라의 구축 및 평가 주체의 공신력 제고 = 92
• 1. 정보인프라의 구축 및 부동산관련 정보공개 = 93
• 2. 리츠 자산의 적정평가를 위한 평가 주체의 공신력 제고 = 98
• 제V장 결론 = 100
• 참고문헌 = 104
• ABSTRACT = 108